The Euro is testing support at $1.28. Breakout would respect the primary down-trend, warning of another test of primary support at the 2010 low at $1.19/1.20. Reversal of 63-day Twiggs Momentum below zero would strengthen the signal. Recovery above $1.32 is less likely but would indicate an advance to $1.35/$1.36*.
Pound Sterling rallied off support at €1.225 against the Euro. Breakout above €1.26 would indicate an advance to €1.29. A 63-day Twiggs Momentum trough above zero — and respect of the rising trendline — would both indicate a healthy up-trend. Breach of support at €1.225, however, would signal a primary down-trend.
* Target calculation: 1.26 + ( 1.26 – 1.23 ) = 1.29
Canada’s Loonie is testing support at parity against the greenback. Respect would indicate an advance to $1.06*. Breach of resistance at $1.03 would strengthen the signal and a 63-day Twiggs Momentum trough above zero would confirm. Failure of support, however, would warn of another test of primary support at $0.96.
* Target calculation: 1.03 + ( 1.03 – 1.00 ) = 1.06
The Aussie Dollar broke resistance at $1.04 after the RBA announced that it would not cut interest rates, leaving them on hold until December. Expect an advance to $1.06*. 63-Day Twiggs Momentum oscillating above zero suggests a primary up-trend.
* Target calculation: 1.04 + ( 1.04 – 1.02 ) = 1.06
Are these Forex charts and comments or equivalent available on the normal share type screens to which I currently subscribe or is there an extended IC subscription available to cover Forex?
On the Canadian Dollar/US Dollar currency pair- I’ve check with a number of Forex brokers and they all list the US Dollar first so that it reads US Dollar/Canadian Dollar. Your chart on this pair is a mirror image to other Forex charts I’ve been able to find. It makes it hard to read/ compare. Any chance of reversing your chart?
The only other currency that seems to be plotted that way is USD/JPY. But I’ll go with the flow.